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Model Note · TENNECO CLEAN AIR INDIA L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TENNECO CLEAN AIR INDIA L Discounted cash flow · base FY26
TENNECO CLEAN AIR INDIA L
Value per share, this model₹296
CMP 2026-09-10₹505.95
Difference(41.5)%
Growth the CMP implies22.0%/yr
This note states the assumptions and the arithmetic of one model of TENNECO CLEAN AIR INDIA L, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
16.6%
FY26 16.6% · 5-yr average 16.6%
Depreciation · capex, % of revenue
2% · 2.1%, fading to 1.2× depreciation
FY26 2.0% · 2.1%
Working capital, % of added revenue · tax
0% · 25.9%
-4 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(571) · ₹0 · ₹0 cr
FY26 net debt ₹(571) cr
Shares
40.36 crore
40.36 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
5,404
5,836
6,303
6,807
7,352
7,940
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
898
969
1,046
1,130
1,220
1,318
Depreciation
(108)
(117)
(126)
(136)
(147)
(159)
NOPAT
585
631
682
736
795
859
less capex
(115)
(123)
(137)
(153)
(171)
(191)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
626
671
719
771
827
Present value
594
574
554
535
517
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · TENNECO CLEAN AIR INDIA L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,774
PV of the terminal value (76% of EV)
8,591
Enterprise value
11,366
less net debt
571
less non-controlling interest
0
add non-operating investments
0
Equity value
11,937
÷ 40.36 crore shares
₹296
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
305
326
352
383
422
10.5%
283
300
321
346
377
11.0%
264
278
296
316
341
11.5%
247
260
274
291
311
12.0%
233
243
256
270
287
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
